"In March 2020, Duncan Cock Foster, who co-founded the NFT marketplace Nifty Gateway with his twin brother Griffin, predicted that "in ten years, everyone will be commissioning artists to create nifties to give away at a dinner party." Let's hope the Cock Fosters (that's their real name) don't pursue a second career in meteorology or air traffic control, because it's 2026 and Nifty Gateway is officially over."
"The platform is shutting down on February 23, according to an announcement from Gemini, the cryptocurrency company owned by fellow twin tech bros Cameron and Tyler Winklevoss. ( Winkle. Cock. Are you following this?) The Winklevoss siblings acquired Nifty Gateway in November 2019 after a string of business failures; previously, the pair was best known for winning a $65 million settlement with Mark Zuckerberg, whom they accused of stealing their idea for Facebook. Taking money from Zuckerberg is a respectable hustle."
"Though the entire cryptosphere is one giant grift, the now-defunct marketplace that allowed users to pay for NFTs with a credit or debit card was infamously riddled with problems. There were reports of hacking and of buyers defaulting on payments for artworks they won on the platform, among other issues. One collector sued the company after being asked to pay $650,000 for a second edition of a Beeple NFT, having lost out on the more valuable first edition."
Nifty Gateway will cease operations on February 23, 2026. The platform was owned by Gemini, the cryptocurrency company led by Cameron and Tyler Winklevoss, which acquired Nifty Gateway in November 2019. The marketplace accepted credit and debit card payments for NFTs and saw high activity during the 2021 NFT boom, reporting $300 million in gross merchandise value. The platform experienced security breaches, buyer payment defaults, and legal disputes, including a lawsuit tied to a $650,000 second-edition Beeple NFT payment demand. Ongoing operational problems and the extended downturn in NFT demand prompted the closure.
Read at Hyperallergic
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